LOS ANGELES, CA -- (Marketwired) -- 04/02/13 -- MMRGlobal, Inc. (OTCQB: MMRF), a leading provider of Personal Health Records ("PHRs"), MyEsafeDepositBox storage solutions and electronic document management and imaging systems for healthcare professionals, today announced that it filed its Annual Report on Form 10-K for the period ended December 31, 2012 with the U.S. Securities and Exchange Commission on April 1, 2013. The Company reported a 21% reduction in operating expenses, a 24.9% reduction in G&A, a 15.1% reduction in sales and marketing expenses, a 24.3% reduction in technology and development costs, an 81% reduction in interest and finance charges, resulting in an overall reduction of net loss from $8,884,427 in 2011 to $5,902,503 in 2012, or 33.6%. The results did not include a backlog in revenues from signed agreements which represent more than $40 million in future revenues not including revenue from license agreements pertaining to the Company's Health Information Technology patents (the "MMR IP").
"Eight years ago, waiting was not an option. After watching the deregulation of AT&T and the collapse of the Bell system, I believed that the day would come when, based on the agendas set forth by the Bush and Obama administrations to force interoperability and patient engagement through the use of computerized medical records, the market would demand an efficient cost-effective way to deliver a standardized Personal Health Record to consumers. Based on expenditures of more than $40 million, and as a result of government regulations mandating that patients be provided timely online access to their personal health information under the HITECH Act, we believe our time has come. MMR is now in the process of licensing and delivering its patented Personal Health Record to the global healthcare market," said Robert H. Lorsch, MMRGlobal Chairman and CEO.
Until now, the Company has worked hard to drive consumers to use its products and services. Due to macro-economic and changing government conditions, consumers and healthcare professionals are being driven to technology that takes advantage of MMR's IP.
MMR is continuing its efforts to license to hospitals, physicians, ambulatory surgical centers, laboratory systems, pharmacies and vendors of selected health IT products and services. As part of this effort, it is actively working with two of the ten leading EHR vendors who earned 66 percent of all Medicare EHR Incentive Payments for their customers from May 2011 to September 2012. The Company is also continuing efforts to expand its significant patent portfolio with continuation applications and additional pending applications on file around the world. In the U.S., the MMR has seven U.S. patents issued under the headings, "Method and System for Providing Online Medical Records" and "Method and System for Providing Online Records," with more than 400 surrounding claims, as well as patents issued, and/or pending in numerous countries around the world, including Australia, Singapore, New Zealand, Mexico, Japan, Canada, Hong Kong, South Korea, Israel, and Europe. A special report published on January 22, 2013 concluded that the range of value for the Company's U.S. health IT patents could reach between $600 million to $1.1 billion in revenue based on what is described as conservative estimates of a market projected to reach a GDP value of $19 billion. (For additional information see http://michaelbass.com/PDF/Patent_Valuation.pdf).
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